Seneca Foods shares dip after firm reports Q4 results

Seneca Foods Corp. reported a fourth-quarter profit and slight increase in sales because of increased sales prices and volume.

The Marion, Wayne County, food processor reported net income of $3.9 million, or 35 cents a diluted share, compared with a net loss of $2.2 million, or 18 cents a diluted share, a year ago.

Excluding a non-cash after-tax inventory credit of $2 million, the company posted net income of $1.9 million, or 17 cents, a diluted share. That compares with $9.1 million, or 75 cents a share, a year ago, when the company’s results included a non-cash inventory charge of $11.3 million.

Sales were $274.9 million, up nearly 2 percent from net income of $270.4 million a year ago.

For the year, the company reported net income of $41.4 million, or $3.57 a diluted share, compared with net income of $11.3 million, or 92 cents a diluted share, last year.

Excluding a credit in 2013 and a charge in 2012, the company reported earnings of $38.7 million, or $3.33 a share, this year and $42 million, or $3.44 a share, in 2012.

Sales increased by 1.5 percent to nearly $1.28 billion, up from $1.26 billion the previous year.

Shares of Seneca Foods (Nasdaq: SENEA) were trading midday at $33.09, down some 1 percent from Thursday’s close of $33.57. The company reported its results after the market closed Thursday.